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    BNB price could rally 30% as Binance launches crypto exchange services in Thailand

    FXStreet
    Updated January 17, 2024 01:28


    ●Binance Coin price action has culminated in a bullish flag pattern, the second similar bullish technical formation since mid-December.


    ●Meanwhile, Binance exchange has responded to November’s invite-only testing phase, launching trading services to the public in Thailand via Binance TH.


    ●BNB price could rally 30% to hit the pattern’s target objective at $414.90 after a successful 20% late December rally.


    ●The bullish thesis will be invalidated if the altcoin breaks and closes below the $297.30 support.



    Binance Coin (BNB) price is an outlier, recording the same technical formation twice in a row in under a month. After a successful first, the odds for the second one actualizing are high, with a bullish fundamental available that could catalyze a strong move north.


    Binance exchange to offer trading services to the Thai public

    Binance Exchange, through its subsidiary in the Gulf, has revealed that trading services are now available to the Thai public. In an official blog, the trading platform announced that “Gulf Binance is launching full operations of its digital asset exchange and brokerage platform, Binance TH by Gulf Binance, to all eligible users.”

    With this launch, Thai users will access digital asset exchange and brokerage services. Specifically, they will be able to buy and sell digital assets seamlessly with local currency (Thai Bhat or THB) pairing.


    It comes after Thailand’s Ministry of Finance granted Binance digital asset operator licenses in May 2023. Nirun Fuwattananukul, CEO of Gulf Binance, commented:

    We are deeply humbled to finally announce the launch of our local platform to the general public in Thailand. Over the past year, we have been working closely with Thai regulators, putting substantial effort into detailed planning…

    Subsequently, Binance has received approval to operate as a digital asset exchange and broker in Thailand. In November, the largest cryptocurrency trading platform by market capitalization received an invite-only testing phase, to which it has now responded.


    BNB price outlook as Binance exchange opens to Thai public

    Meanwhile, Binance Coin price has consolidated into a flag pattern, which is a reversal pattern that appears as a minor consolidation between impulsive legs of a trend. The continuation of the movement up can be measured by the size of the pole.

    If the bullish flag pattern is activated, BNB price could clear the range high at $339.60, before extending the climb 30% to $414.90, levels last tested in April 2022.

    Notably, the Moving Average Convergence Divergence (MACD) indicator is teasing with a buy signal, which could be activated once the MACD line, which is deviating higher, crosses above the signal line (orange band). 

    The position of the Relative Strength Index (RSI) above 50 also points to a strong price strength, further accentuating the bullish scenario.

    BNB/USDT 1-day chart, Source: TradingView.

    Conversely, if profit-taking becomes the order of the day, Binance Coin price could descend, slipping past the midline of the channel, with the bullish thesis being invalidated by a break and close below $297.30. If this happens, the price could extend south, going as low as the foot of the pole at $260.30.

    The RSI is also hinting at a possible sell signal that could be executed if the RSI crosses below its signal line (yellow band).


    The ensuing seller momentum could see BNB price extend the fall to the foot of the pole of the preceding bullish flag pattern at $231.90, or in a dire case, extend a leg down to $225.00. Such a move would constitute a 30% fall below current levels.



    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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